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(Daily Mail)   Want to work as an intern at Facebook? Great on-the job experience, excellent working conditions. Oh, and we'll also pay you $74,000/year   (dailymail.co.uk) divider line 82
    More: Spiffy, CEO Mark Zuckerberg, Facebook, machine learning, monetization, Business Insider, network engineer, software development  
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6614 clicks; posted to Business » on 03 Jun 2012 at 9:14 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-06-03 08:24:46 PM
Excuse my ignorance but how does Facebook make money? Is it just ad revenue?
 
2012-06-03 08:29:37 PM

Mugato: Excuse my ignorance but how does Facebook make money? Is it just ad revenue?


And mining every bit of information posted so they can deliver more details about their users to advertisers
 
2012-06-03 08:54:02 PM
Ad revenue is about 85% of FB's revenue, IIRC.

FTA: At the bottom of the ranking are the account executives, who get paid $62,124

I wonder if that figure includes commissions or is just average base salary.
 
2012-06-03 08:56:29 PM
i would assume that is an annualized equivalent to what they get paid for the summer. if that's the case, it's not exactly unprecedented.
 
2012-06-03 08:59:53 PM
I don't care how much they get paid, Facebook is going to be the AOL of this decade. It will not end pretty, but it will end.
 
2012-06-03 09:11:03 PM
They do not have their act together. I worked on their daily deals flop. Their executives and project managers are opaque and inexperienced.
 
2012-06-03 09:17:04 PM
$10K/year in cash, the rest in FB stock.
 
2012-06-03 09:17:53 PM
It is kind of refreshing to see that the folks who do most of the heavy lifting for FB get paid the best out of the bunch.

/haven't yet suffered the bloat of a thousand VPs
 
2012-06-03 09:20:05 PM
There's an "I" missing in FB.
 
2012-06-03 09:20:11 PM
I'm not sure why this is surprising. All the tech company internships (Google, Microsoft, Amazon, etc.) pay comparable annualized amounts. The internship is a great way to get talent in the door, as you can weed out the few terrible candidates and hire almost all the rest.
 
2012-06-03 09:21:38 PM

MaudlinMutantMollusk: And mining every bit of information posted so they can deliver more details about their users to advertisers


If it was only advertisers, people wouldn't have so much of a problem with it.
 
2012-06-03 09:26:57 PM

oren0: I'm not sure why this is surprising. All the tech company internships (Google, Microsoft, Amazon, etc.) pay comparable annualized amounts. The internship is a great way to get talent in the door, as you can weed out the few terrible candidates and hire almost all the rest.


It's probably surprising because all the other stories about internships that have been published this year lamented their unpaid exploitation.
 
2012-06-03 09:27:24 PM

J. Frank Parnell: If it was only advertisers, people wouldn't have so much of a problem with it.


Very good point

/I don't expect they're real picky about what they sell to whom
 
2012-06-03 09:28:57 PM
Wow. That's good enough for your own 400 sq. ft. one bedroom and a new bike in that neck of the woods. Good on you, FaceBook!
 
2012-06-03 09:29:09 PM
Hmmm, Palo Alto...

Let's compare those wages to the cost of living.

Link

Overall 152
Housing 251

Coffee is 18.9% above national average
But pizza is a bargain, 11.8% lower than the average. Which must correlate with all night programming sessions buying in bulk.
 
2012-06-03 09:38:55 PM

Oakenshield: Wow. That's good enough for your own 400 sq. ft. one bedroom and a new bike in that neck of the woods. Good on you, FaceBook!


If by 'your own' you mean 'shared with 6 roommates'.
 
2012-06-03 09:56:03 PM
Sure, Facebook.. Open a development office location in Seattle, and I will happily forward my resume for an internship.. :P
 
2012-06-03 10:07:12 PM

Mugato: Excuse my ignorance but how does Facebook make money? Is it just ad revenue?


By bilking naieve investors with a wildly overpriced IPO.
 
2012-06-03 10:26:27 PM
$75,000 in Bay Area money is about $35,000 in rest-of-California money. Which is about $17,000 in everywhere-else money.
 
2012-06-03 10:28:06 PM
Product managers get the second highest pay packets - $130,143.

130k is only the second highest pay bracket? I make more than that and there are at least a half dozen levels higher than me at my company.
 
2012-06-03 10:29:47 PM

ZipSplat: $75,000 in Bay Area money is about $35,000 in rest-of-California money. Which is about $17,000 in everywhere-else money.


This^
 
2012-06-03 10:32:34 PM

thomps: i would assume that is an annualized equivalent to what they get paid for the summer. if that's the case, it's not exactly unprecedented.


Exactly. Don't tell the Daily Fail what summer associates at law firms make. They'll run a front-page story.

Ambivalence: I don't care how much they get paid, Facebook is going to be the AOL of this decade. It will not end pretty, but it will end.


AOL lost because it failed to adapt to a new, better technology. How is that going to happen to Facebook?
 
2012-06-03 10:40:52 PM

MaudlinMutantMollusk: Mugato: Excuse my ignorance but how does Facebook make money? Is it just ad revenue?

And mining every bit of information posted so they can deliver more details about their users to advertisers


http://www.youtube.com/watch?v=KfY_HTzd_4U

4 minutes. half way becomes disturbing.
 
2012-06-03 11:02:27 PM
I noticed there is no mention of system administrators. Those are the guys who keep it running. Those are the guys who wake up at 3am to put a bandaid on the system because the software developers screwed up and the QA people didn't catch it. Those are the guys who are too often overlooked when it comes time to hand out praise (and bonuses).

Yeah, I'm a system administrator. What? Me bitter?
 
2012-06-03 11:16:24 PM

FishyFred: Ambivalence: I don't care how much they get paid, Facebook is going to be the AOL of this decade. It will not end pretty, but it will end.

AOL lost because it failed to adapt to a new, better technology. How is that going to happen to Facebook?


Mobile. Facebook hasn't made a red cent on it and their audience if flocking to it in droves.
 
2012-06-03 11:30:12 PM

FishyFred: AOL lost because it failed to adapt to a new, better technology. How is that going to happen to Facebook?


Is it really that hard to imagine?

For example, let's say a major aspect of the ultimate future state of "social networking" is to actually KNOW what others know--not just individual knowledge, but the collective knowledge of groups. This may involve some kind of direct neural link eventually, but in the short-term it could just mean streamlining what people post and summarizing or prioritizing them in non-obvious ways based on larger patterns and connections that a single human can't see. This will require much more predictive and AI-like computing on the back-end, which aside from some "friend recommendations" Facebook doesn't really do yet. They have enough data, but it's not clear just how forward-thinking they are with using it, and Google is probably miles ahead of them in that regard.

Facebook is still basically a glorified messaging and linking service. Who knows, they might keep with it, but how often does a tech company really do that successfully over multiple decades? It's not hard to look at even the newer Timeline template and see how the clutter of comma-separated lists, thumbnails, and repetitive "like comment share" buttons could seem dated very soon.
 
2012-06-03 11:34:06 PM

rohar: FishyFred: Ambivalence: I don't care how much they get paid, Facebook is going to be the AOL of this decade. It will not end pretty, but it will end.

AOL lost because it failed to adapt to a new, better technology. How is that going to happen to Facebook?

Mobile. Facebook hasn't made a red cent on it and their audience if flocking to it in droves.


So AOL made enough to buyout all kinds of stuff. After the Time Warner merger, they are still a major player owning all kinds of stuff, including the Huffington Post and still have 3.5 million paid dial-up subscribers, and just a month ago sold a few patents to Microsoft for a BILLION dollars.

Clearly, AOL is totally dead.

\Side note AOL, unlike facebook HAD and STILL HAS products. Facebook, if they don't diversify, will die not because it can't adapt... but because it HAS NO PRODUCT.
 
2012-06-03 11:38:03 PM

Quantumbunny: but because it HAS NO PRODUCT.


Um - YOU are the product.

Not the consumer.
 
2012-06-03 11:42:41 PM

CygnusDarius: There's an "I" missing in FB.


Oh, that's a neat idea. The FBI can get people to incriminate themselves by encouraging them to post all this information! Hang on, I have to get the door.
 
2012-06-03 11:50:38 PM

R.A.Danny: Quantumbunny: but because it HAS NO PRODUCT.

Um - YOU are the product.

Not the consumer.


And the product is moving to mobile faster than hell. Facebook cannot monetize mobile. The product is walking away.
 
2012-06-03 11:52:59 PM

R.A.Danny: Quantumbunny: but because it HAS NO PRODUCT.

Um - YOU are the product.

Not the consumer.


I don't use any social network.
I am not the product nor a consumer.
 
2012-06-03 11:54:52 PM

Quantumbunny: R.A.Danny: Quantumbunny: but because it HAS NO PRODUCT.

Um - YOU are the product.

Not the consumer.

I don't use any social network.
I am not the product nor a consumer.


This post, on Fark, is funny as hell.
 
2012-06-04 12:07:48 AM
www.socialreflections.com
 
2012-06-04 12:09:56 AM

OgreMagi: I noticed there is no mention of system administrators. Those are the guys who keep it running. Those are the guys who wake up at 3am to put a bandaid on the system because the software developers screwed up and the QA people didn't catch it. Those are the guys who are too often overlooked when it comes time to hand out praise (and bonuses).

Yeah, I'm a system administrator. What? Me bitter?


Your post is so true I'm getting the shakes. And I haven't had my coffee yet.
 
2012-06-04 12:14:39 AM
The new Facebook Timeline is obnoxious too look at. Cluttered pile of unorganized crap.
 
2012-06-04 12:15:00 AM

OgreMagi: I noticed there is no mention of system administrators. Those are the guys who keep it running. Those are the guys who wake up at 3am to put a bandaid on the system because the software developers screwed up and the QA people didn't catch it. Those are the guys who are too often overlooked when it comes time to hand out praise (and bonuses).

Yeah, I'm a system administrator. What? Me bitter?


Ya you're probably the type to not double check your config files and blame the devs ... then try playing it off after you or someone else finds your mistake.

Not bitter, just annoyed when having to deal with people that are more interested in pointing fingers than solving problems.
 
2012-06-04 12:17:42 AM

divx88: OgreMagi: I noticed there is no mention of system administrators. Those are the guys who keep it running. Those are the guys who wake up at 3am to put a bandaid on the system because the software developers screwed up and the QA people didn't catch it. Those are the guys who are too often overlooked when it comes time to hand out praise (and bonuses).

Yeah, I'm a system administrator. What? Me bitter?

Ya you're probably the type to not double check your config files and blame the devs ... then try playing it off after you or someone else finds your mistake.

Not bitter, just annoyed when having to deal with people that are more interested in pointing fingers than solving problems.


You both sound terribly bitter. I just go hauling ass into software and hardware. Strangely, I'm the highest paid idiot from either the ops or dev side of a .com that's in the top 10 audience-wise on the internet.

Get over your shiat and get the job done. Payment will follow.
 
2012-06-04 12:21:34 AM

divx88: OgreMagi: I noticed there is no mention of system administrators. Those are the guys who keep it running. Those are the guys who wake up at 3am to put a bandaid on the system because the software developers screwed up and the QA people didn't catch it. Those are the guys who are too often overlooked when it comes time to hand out praise (and bonuses).

Yeah, I'm a system administrator. What? Me bitter?

Ya you're probably the type to not double check your config files and blame the devs ... then try playing it off after you or someone else finds your mistake.

Not bitter, just annoyed when having to deal with people that are more interested in pointing fingers than solving problems.


I'm the type of guy who tests my configuration files in a staging environment AND I have it reviewed by another system administrator before putting it into production.
 
2012-06-04 12:24:26 AM

OgreMagi: I noticed there is no mention of system administrators. Those are the guys who keep it running. Those are the guys who wake up at 3am to put a bandaid on the system because the software developers screwed up and the QA people didn't catch it. Those are the guys who are too often overlooked when it comes time to hand out praise (and bonuses).

Yeah, I'm a system administrator. What? Me bitter?


I see they do have a listing for Network Engineer. Maybe they lump sys admins into that job class. I've seen many places do this.
 
2012-06-04 12:26:53 AM

OgreMagi: divx88: OgreMagi: I noticed there is no mention of system administrators. Those are the guys who keep it running. Those are the guys who wake up at 3am to put a bandaid on the system because the software developers screwed up and the QA people didn't catch it. Those are the guys who are too often overlooked when it comes time to hand out praise (and bonuses).

Yeah, I'm a system administrator. What? Me bitter?

Ya you're probably the type to not double check your config files and blame the devs ... then try playing it off after you or someone else finds your mistake.

Not bitter, just annoyed when having to deal with people that are more interested in pointing fingers than solving problems.

I'm the type of guy who tests my configuration files in a staging environment AND I have it reviewed by another system administrator before putting it into production.


You're doing it wrong, son. You have to have panache. Shove it out there and see if it stands on its own. Live by the seat of your pants and all that.
 
2012-06-04 12:29:12 AM

dopeydwarf: OgreMagi: divx88: OgreMagi: I noticed there is no mention of system administrators. Those are the guys who keep it running. Those are the guys who wake up at 3am to put a bandaid on the system because the software developers screwed up and the QA people didn't catch it. Those are the guys who are too often overlooked when it comes time to hand out praise (and bonuses).

Yeah, I'm a system administrator. What? Me bitter?

Ya you're probably the type to not double check your config files and blame the devs ... then try playing it off after you or someone else finds your mistake.

Not bitter, just annoyed when having to deal with people that are more interested in pointing fingers than solving problems.

I'm the type of guy who tests my configuration files in a staging environment AND I have it reviewed by another system administrator before putting it into production.

You're doing it wrong, son. You have to have panache. Shove it out there and see if it stands on its own. Live by the seat of your pants and all that.


20 years later, this is how I still play the game. I'd add it's a damned good idea to know how to pull all your farked up code back in under 5 minutes when it all goes wrong.
 
2012-06-04 12:31:42 AM

rohar: FishyFred: Ambivalence: I don't care how much they get paid, Facebook is going to be the AOL of this decade. It will not end pretty, but it will end.

AOL lost because it failed to adapt to a new, better technology. How is that going to happen to Facebook?

Mobile. Facebook hasn't made a red cent on it and their audience if flocking to it in droves.


But they still have the audience on mobile devices through Facebook apps and now Instagram. And as long as they have the audience, they'll be in pole position when they figure out how to make money on it.

Yankees Team Gynecologist: This will require much more predictive and AI-like computing on the back-end, which aside from some "friend recommendations" Facebook doesn't really do yet. They have enough data, but it's not clear just how forward-thinking they are with using it, and Google is probably miles ahead of them in that regard.


But there is no killer app that can overcome Facebook's critical mass. The only reason to use an online social network is if everyone you want to socialize with is on there. Virtually everyone is on Facebook, which makes Facebook virtually invincible.
 
2012-06-04 12:37:54 AM

FishyFred: rohar: FishyFred: Ambivalence: I don't care how much they get paid, Facebook is going to be the AOL of this decade. It will not end pretty, but it will end.

AOL lost because it failed to adapt to a new, better technology. How is that going to happen to Facebook?

Mobile. Facebook hasn't made a red cent on it and their audience if flocking to it in droves.

But they still have the audience on mobile devices through Facebook apps and now Instagram. And as long as they have the audience, they'll be in pole position when they figure out how to make money on it.


Step 1: Steal underpants
Step 2: ????
Step 3: Make money

We've seen this somewhere before. They've no idea how to monetize mobile AND they opened the api so they don't control the interface.

They're stealing underpants at best.
 
2012-06-04 12:55:47 AM

FishyFred: But there is no killer app that can overcome Facebook's critical mass. The only reason to use an online social network is if everyone you want to socialize with is on there. Virtually everyone is on Facebook, which makes Facebook virtually invincible.


Really?

People can sign up for multiple things. New things comes along periodically. People sign up for new things. People find themselves using one or more new things more than Facebook. Facebook goes the way of MySpace.

This isn't that hard.
 
2012-06-04 01:06:11 AM

Yankees Team Gynecologist: FishyFred: But there is no killer app that can overcome Facebook's critical mass. The only reason to use an online social network is if everyone you want to socialize with is on there. Virtually everyone is on Facebook, which makes Facebook virtually invincible.

Really?

People can sign up for multiple things. New things comes along periodically. People sign up for new things. People find themselves using one or more new things more than Facebook. Facebook goes the way of MySpace.

This isn't that hard.


But none of those things can possibly replace what I keep hammering on: the critical mass of users.

I get that people can spend their time on other things. I personally use Tumblr a lot more than Facebook. It's addictive. But it's also not as accessible to the average person as Facebook. Other things will come along and people will sign up for them in chunks and fragments. Only Facebook has everyone, and that's why you see all of these other services showing up in the news feed: People using Twitter and Tumblr and Instagram and Foursquare and a zillion other things... and integrating them with Facebook so that their posts show up there automatically.

Facebook is equally useful to bands and clubs promoting shows, charities promoting events and causes, and new parents showing off photos of their kids. This isn't that hard.
 
2012-06-04 01:12:12 AM

FishyFred: Yankees Team Gynecologist: FishyFred: But there is no killer app that can overcome Facebook's critical mass. The only reason to use an online social network is if everyone you want to socialize with is on there. Virtually everyone is on Facebook, which makes Facebook virtually invincible.

Really?

People can sign up for multiple things. New things comes along periodically. People sign up for new things. People find themselves using one or more new things more than Facebook. Facebook goes the way of MySpace.

This isn't that hard.

But none of those things can possibly replace what I keep hammering on: the critical mass of users.

I get that people can spend their time on other things. I personally use Tumblr a lot more than Facebook. It's addictive. But it's also not as accessible to the average person as Facebook. Other things will come along and people will sign up for them in chunks and fragments. Only Facebook has everyone, and that's why you see all of these other services showing up in the news feed: People using Twitter and Tumblr and Instagram and Foursquare and a zillion other things... and integrating them with Facebook so that their posts show up there automatically.

Facebook is equally useful to bands and clubs promoting shows, charities promoting events and causes, and new parents showing off photos of their kids. This isn't that hard.


...and they have yet to build a business with a decent gross margin. Without a decent gross, a business is as usefull as tits on a boar.

They have none, and since they let go of the mobile interface, they won't. Keep investing in their stock though, the rest of us need to have someone to point at and laugh.
 
2012-06-04 01:15:39 AM
Ah, the internet, where FB is torched for giving away a free product and selling consumer information on the side, but Google will be defended to death for doing the same thing (while usually coping someone else's idea to do it).
 
2012-06-04 01:30:48 AM

rohar: ...and they have yet to build a business with a decent gross margin. Without a decent gross, a business is as usefull as tits on a boar.


I'm pretty sure they're in the black. Significantly.
 
2012-06-04 02:01:55 AM
ah, facebook... soon to be known as nosedive.com

/or bailship.com
//4thAndLong.com?
 
2012-06-04 02:25:42 AM

Nightjars: Sure, Facebook.. Open a development office location in Seattle, and I will happily forward my resume for an internship.. :P


Facebook has a fairly nice engineering office in downtown Seattle. Although if you're in Seattle, you could probably make just as much interning at Amazon or Microsoft.
 
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